Sensors have made their way into a myriad of applications. Sensors are the heart of the concept of Internet of Things. The medical application is also one such area that stands to benefit from further advancements in sensors and associated technologies. Sensors are used for monitoring vital statistics of patients and are capable of transmitting this information in the form of electrical signals.
There are several factors driving the growth of this market. The increasing ageing population across the world, particularly in Europe and Japan in the Asia Pacific region is a clear driver for this market. This, coupled with an overall increase in life expectancy is expected to augment the growth of the medical sensor market. With the popularity of fitness bands and smart watches and other wearable devices increasing day by day, the need for sensors to monitor and records vital health parameters such as heartrate, blood pressure and so on is bound to increase.
However, factors such as strict government regulations and processes for approval of products that extend the time to market are hampering the growth of this market. Apart from this, there are certain security concerns associated with the use of medical sensors collecting patient information and storing it. Connectivity issues between the sensors and the receivers are also restricting this market to achieve its actual growth potential.
The Medical Sensors market can be segmented on the basis of type as:
In terms of applications, the Medical Sensors market has been segmented across the following:
The market has also been segmented on the basis of type of products as:
- Wearable Sensors
- Implantable Sensors
- Ingestible Sensors
- Strip Sensors
North America currently accounts for the largest share of the medical sensors market with Europe coming second in terms of market share. Asia Pacific, however, with its increasing adoption of advanced healthcare techniques is expected to grow at the highest rate till the end of the forecast period considered in this report.
The market has been segmented based on the following geographies:
- North America
- South America
- Middle East
Sample Companies Profiled in this Report are:
- NXP Semiconductors
- Texas Instruments
- Analog Devices Inc
- ST Microelectronics
- Honeywell International